A quieter second quarter did little to cool demand across the Hamptons and North Fork, where limited inventory and affluent buyers continued to push prices higher.
Anyone waiting for the East End real estate market to cool off didn’t get their wish last quarter. Instead of dropping off, the market shifted gears. Fewer homes sold in the Hamptons and on the North Fork compared to last year, but prices just kept climbing. That’s the headline — scarcity still rules and buyers are paying for it.
William Raveis’s latest report, put together by Senior Vice President Judi Desiderio, shows a market that’s settling in, not backing down. Sales slowed, especially at the higher end, but buyers are still chasing the few good homes out there. That competition is keeping prices moving up, not down.
Let’s look at the numbers. In the Hamptons, 379 homes changed hands last quarter — a 10 percent drop from last year. But that didn’t shake pricing at all. The median sale price shot up 24.5 percent to $2.35 million. Total sales volume even ticked slightly higher, clearing $1.4 billion. Sellers who have what buyers want aren’t budging on price, and properties don’t last long.
Some spots stood out. Bridgehampton’s median price hit $5.33 million — up more than 12 percent year-over-year. Shelter Island nearly doubled its median price to just under $2.9 million, partly because sales there surged. East Hampton and Southampton saw solid gains too, sticking with the pattern: fewer sales, higher prices.
Of course, not every village followed that path. Amagansett, for example, saw transactions tumble 45 percent. But even with so few sales, the median price climbed above $4.27 million. In Sag Harbor Village, sales dropped, but the median sale got close to $3.2 million—another reminder that slim inventory keeps values firm, even if fewer deals are closing.
The North Fork played by its own rules. Total sales slipped by about 9 percent, and the median price dipped slightly, settling at $918,500. But high-end buyers showed up in force. Luxury sales — homes above $5 million — tripled compared to last year. Buyers looked beyond the South Fork for bigger lots, quiet, and value.
Mattituck pulled off the biggest jump in total sales volume on the North Fork, while Jamesport actually logged more transactions than a year ago. Southold’s activity slowed, but it held its median price above $1.1 million — proof that prices remain strong, even where dealflow has thinned.
At the heart of it all sits inventory. Not enough homes for too many buyers. Sellers have no real pressure to cut deals, and buyers face tough choices. Even as the manic pace of the pandemic rush fades, this supply crunch props up prices.
So, forget just counting sales. The story now is how few homes are out there. The market may have lost some of its frenzy, but demand hasn’t disappeared. Buyers are choosier, homes sit a little longer, but prices keep climbing — fueled by shortage, lifestyle appeal, and the belief that East End real estate is still a smart, long-term play.
If you’re looking for a takeaway from the second quarter, here it is: On the East End, it’s scarcity that matters now, and that scarcity keeps writing the real estate narrative — one record price at a time.
